MIRA INFORM REPORT

Report No. :	354447
Report Date :	15.12.2015

IDENTIFICATION DETAILS

Name :	SILVEX EXPORTS PRIVATE LIMITED
Registered Office :	809-809, Corporate Centre, Nirmal Life Style, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra
Tel. No.:	91-22-25676869
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	30.05.1996
Com. Reg. No.:	11-099904
Capital Investment / Paid-up Capital :	Rs. 9.969 Million
CIN No.: [Company Identification No.]	U51900MH1996PTC099904
IEC No.:	0300029373
TAN No.: [Tax Deduction & Collection Account No.]
PAN No.: [Permanent Account No.]	AADCS9196D
Legal Form :	Private Limited Liability Company.
Line of Business :	Trader of Powder Batteries, Automotive Batteries and UPS Battery. [Confirmed by management]
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1996 having satisfactory track. For the FY 15 the company has achieved decent sales turnover but reported low profitability margin. It has recorded decline its profitability margin since FY 13. However, rating takes into consideration adequate net worth base, fair cash accruals and favorable gap between trade payables and receivables. Trade relations are fair. Business is active. Payments are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Unneetha Gurjar
Designation :	Director
Contact No.:	91-22-25676869
Date :	11.12.2015

LOCATIONS

Registered Office :	809-809, Corporate Centre, Nirmal Life Style, L.B.S. Marg, Mulund (West), Mumbai – 400 080, Maharashtra, India
Tel. No.:	91-22-25676869
Fax No.:	91-22-25904459
E-Mail :	silvex@vsnl.com
Website :	http://www.rocketbatteries.in
Location :	Owned
Locality :	Commercial

DIRECTORS

AS ON 31.03.2015

Name :	Vivek Vidhyadhar Gurjar
Designation :	Managing Director
Address :	501, Shobha Suman, Mohan Malviya Road, Opp: Telephone Exchange, Mulund West, Mumbai, 400080, Maharashtra, India
Date of Birth/Age :	04.04.1964
Date of Appointment :	30.05.1996
DIN No.:	00280668
Name :	Unneetha Vivek Gurjar
Designation :	Whole-Time Director
Address :	501, Shobha Suman, Madan Malviya Road, Opp: Telephone Exchange, Mulund West, Mumbai - 400080, Maharashtra, India
Date of Birth/Age :	22.02.1965
Date of Appointment :	30.05.1996
DIN No.:	00280662
Name :	Yash Vivek Gurjar
Designation :	Director
Address :	Flat No. 501, 5th Floor, Shobha Suman, M. M. Malviya Rd, Opposite Telephone Exchange, Mulund West, Mumbai, 400080, Maharashtra, India
Date of Birth/Age :	25.12.1992
Date of Appointment :	01.01.2013
DIN No.:	06522875

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares	% of Holdings
Mr. Vivek Gurjar	281700	28.26
Mrs. Unneetha Gurjar	568200	57.00
Mr. Vivek Gurjar (HUF)	139500	13.99
Mr. Vidhyadhar Gurjar	7500	0.75
Total	996900	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 31.03.2015

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader of Powder Batteries, Automotive Batteries and UPS Battery. [Confirmed by management]
Products :	Powder Batteries Automotive Batteries UPS Battery
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :
Products :	Batteries
Countries :	Vietnam
Terms :
Selling :	Cash, and Credit (30/60/90 days)
Purchasing :	Cash, and Credit (30/60/90 days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

100 (Approximately)

Bankers :

Banker Name	Citi Bank
Branch Address	BKC, Bandra (East), Mumbai, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	91-22-28232265
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Cash Credit Rs. 90.000 Million
Account Operation	Not Divulged
Remarks (If any)	Number is continuously ringing.

Facilities :

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
Working capital loans from Citi Bank	45.000	45.000
Cash Credit with Citi Bank (Against hypothecation of stock/book debts, equitable mortgage of office and personal guarantee of director)	20.807	3.298
Total	65.807	48.298

Auditors :
Name :	Vinayak B. Joshi and Company Chartered Accountants
Address :	65/D, Khadilkar Road, Opposite Narayanwadi, Girgaum, Mumbai – 400004, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADPJ4857H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
996900	Equity Shares	Rs.10/- each	Rs. 9.969 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.969	9.969	9.969
(b) Reserves & Surplus	43.113	40.477	37.080
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	53.082	50.446	47.049
(3) Non-Current Liabilities
(a) long-term borrowings	0.400	0.400	0.400
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.400	0.400	0.400
(4) Current Liabilities
(a) Short term borrowings	65.807	48.298	66.301
(b) Trade payables	67.563	121.276	113.279
(c) Other current liabilities	2.421	2.253	3.171
(d) Short-term provisions	6.396	5.203	3.510
Total Current Liabilities (4)	142.187	177.030	186.261
TOTAL	195.669	227.876	233.710
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2.861	2.938	2.999
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.001	0.001	0.001
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.783	0.923	0.718
(e) Other Non-current assets	2.781	3.561	3.322
Total Non-Current Assets	6.426	7.423	7.040
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	37.916	47.111	68.467
(c) Trade receivables	132.771	156.502	145.169
(d) Cash and cash equivalents	5.898	2.669	1.734
(e) Short-term loans and advances	1.164	1.657	1.412
(f) Other current assets	11.494	12.514	9.888
Total Current Assets	189.243	220.453	226.670
TOTAL	195.669	227.876	233.710

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	643.821	646.403
	Other Income	0.777	2.373
	TOTAL	644.598	648.776
Less	EXPENSES
	Purchases of Stock-in-Trade	576.978	562.957
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	9.196	21.355	NA
	Employees benefits expense	27.618	29.493
	Other expenses	18.352	18.445
	TOTAL	632.144	632.250
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	12.454	16.526
Less	FINANCIAL EXPENSES	8.153	10.941
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	4.301	5.585
Less/ Add	DEPRECIATION/ AMORTISATION	0.472	0.496
	PROFIT/ (LOSS) BEFORE TAX	3.829	5.089	6.615
Less	TAX	1.193	1.693	2.472
	PROFIT/ (LOSS) AFTER TAX	2.636	3.396	4.143
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	40.475	37.079	32.936
	BALANCE CARRIED TO THE B/S	43.111	40.475	37.079
	Earnings Per Share (Rs.)	2.11	2.72	NA

Expected Sales (2015-16): Rs. 650.000 Million

The above information has been parted by Mr. Unneetha Gurjar (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NAZ

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	0.41	0.53	NA
Operating Profit Margin (PBIDT/Sales)	(%)	1.93	2.56	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.96	2.23	2.83
Return on Investment (ROI) (PBT/Networth)		0.07	0.10	0.14
Debt Equity Ratio (Total Debt /Networth)		1.25	0.97	1.42
Current Ratio (Current Asset/Current Liability)		1.33	1.25	1.22

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	9.969	9.969	9.969
Reserves & Surplus	37.080	40.477	43.113
Net worth	47.049	50.446	53.082
long-term borrowings	0.400	0.400	0.400
Short term borrowings	66.301	48.298	65.807
Total borrowings	66.701	48.698	66.207
Debt/Equity ratio	1.418	0.965	1.247

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	646.403	643.821
		-0.399

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	646.403	643.821
Profit	3.396	2.636
	0.53%	0.41%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION

The company is engaged in the trading of industrial batteries in places all over India. The batteries are either imported or purchased indigenously and sold on wholesale basis for the end user to be used as alternative power solution. The company has its head office at Mumbai while the branch offices are at Bangalore, Chennai, Indore and Hyderabad in India.

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Vidyadhar Gurjar Loan	0.400	0.400
Total	0.400	0.400

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10178423	29/10/2013 *	90,000,000.00	CITIBANK N. A.	FIRST INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR, PLOT NO.C-54, C-55, G-BLOCK, BKC, BANDRA (E), MUMBAI, Maharashtra - 400051, INDIA	B92129469

* Date of charge modification

FIXED ASSETS

• Building
• Plant and Equipments
• Furniture and Fixture
• Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 66.99
UK Pound	1	Rs. 101.78
Euro	1	Rs. 73.47

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	AMT
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.